Tesco loan top up

keithboy40

I am coming to the end of my Tesco loan, which i have had for a number of years. 3 payments left. I am looking for a new loan and was considering a top up.

If i ask for a top up do they carry our a new credit check. Has anybody applied for a top up loan, how easy is it?

stephane_2

They will perform a new credit search....and the success of your application will depend on your current circumstances.

maginot

It will be a new loan, so will have the same credit checks as the first loan.

If you have been paying this loan for a number of years, why don't you start saving the loan payment into an account. Then you will have a nice lump sum at the end of 1 or 2 years without giving the bank a slice of your money every month.

Unless the loan is for something urgent I would enjoy not seeing a big chunk of your disposable income leaving every month.

jonesMUFCforever

Tesco don't do top up loans - you will have to apply for a new loan (with enough to pay the existing one) and you will be credit scored accordingly.
If you have not missed any payments on this loan don't exclude other lenders though - try your bank first - they can give you an indication of rate that will be offered without a credit check.